Which answer most accurately states the Florida rule for disputed earnest money?
Correct Answer
A) Disputed earnest money may trigger the broker's 15-business-day and 30-business-day settlement-procedure obligations when the broker holds the funds.
Disputed earnest money may trigger the broker's 15-business-day and 30-business-day settlement-procedure obligations when the broker holds the funds. This follows Current Florida residential contract practice; Rule 61J2-14.008, F.A.C.; FREC Real Estate Law Book.
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In a Ocala transaction, a buyer wants the Florida rule on disputed earnest money. Which statement is correct?
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A Florida buyer deposits $20,000 earnest money for a $500,000 property purchase. During the transaction, the buyer discovers the seller misrepresented the property's zoning. The buyer wants to cancel and recover earnest money plus additional damages for time and expense. The seller claims the buyer is in default for attempting to cancel. What is the most likely outcome?